M.S.A.: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
M.S.A.
Largest movements
- Receivables within one year -€128,383
down €128,383 (-48.5%), from €264,686 to €136,303
of which Other amounts receivable: -€196,245
- Tangible fixed assets +€42,643
up €42,643 (+64.3%), from €66,291 to €108,934
of which Other tangible fixed assets: +€35,873
- Cash -€28,496
down €28,496 (-12.1%), from €234,632 to €206,136
mainly Other debts (-€135,170) and Investment in fixed assets (net) (-€70,559)
- Other debts -€135,170
down €135,170 (-91.8%), from €147,166 to €11,996
- Debts after one year +€35,738
up €35,738 (+695%), from €5,140 to €40,877
- Trade debts -€24,484
down €24,484 (-17.1%), from €142,887 to €118,403
- Accrued charges and deferred income -€17,306
down €17,306 (-70.8%), from €24,445 to €7,139
- Advances received +€17,070
up €17,070 (+9.5%), from €180,006 to €197,076
- Gross operating margin +€227,542
up €227,542 (+137%), from €165,553 to €393,095
- Write-downs +€96,550
up €96,550 (+99.4%), from -€97,090 to -€540
- Staff costs +€71,523
up €71,523 (+728%), from €9,826 to €81,349
- Taxes -€50,218
down €50,218 (-72.5%), from €69,266 to €19,048
- Other operating charges +€9,847
up €9,847 (+70.2%), from €14,020 to €23,867
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €723,303 | €600,653 | -€122,650 | -17.0% |
| Fixed assets | 21/28 | €66,291 | €108,934 | +€42,643 | +64.3% |
| Tangible fixed assets | 22/27 | €66,291 | €108,934 | +€42,643 | +64.3% |
| Furniture and vehicles | 24 | €57,994 | €64,764 | +€6,770 | +11.7% |
| Other tangible fixed assets | 26 | €8,297 | €44,170 | +€35,873 | +432% |
| Current assets | 29/58 | €657,012 | €491,719 | -€165,292 | -25.2% |
| Stocks and contracts in progress | 3 | €121,242 | €115,392 | -€5,850 | -4.8% |
| Stocks | 30/36 | €121,242 | €115,392 | -€5,850 | -4.8% |
| Amounts receivable within one year | 40/41 | €264,686 | €136,303 | -€128,383 | -48.5% |
| Trade receivables | 40 | €40,972 | €108,835 | +€67,862 | +166% |
| Other amounts receivable | 41 | €223,714 | €27,469 | -€196,245 | -87.7% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €234,632 | €206,136 | -€28,496 | -12.1% |
| Deferred charges and accrued income | 490/1 | €36,451 | €33,888 | -€2,563 | -7.0% |
| Total equity and liabilities | 10/49 | €723,303 | €600,653 | -€122,650 | -17.0% |
| Equity | 10/15 | €193,487 | €179,973 | -€13,514 | -7.0% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €131,987 | €129,735 | -€2,252 | -1.7% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €125,837 | €123,585 | -€2,252 | -1.8% |
| Profit (loss) carried forward | 14 | €0 | -€11,262 | -€11,262 | |
| Amounts payable | 17/49 | €529,816 | €420,680 | -€109,136 | -20.6% |
| Amounts payable after more than one year | 17 | €5,140 | €40,877 | +€35,738 | +695% |
| Financial debts | 170/4 | €5,140 | €40,877 | +€35,738 | +695% |
| Amounts payable within one year | 42/48 | €500,232 | €372,663 | -€127,568 | -25.5% |
| Current portion of amounts payable after more than one year | 42 | €10,158 | €14,262 | +€4,104 | +40.4% |
| Trade debts | 44 | €142,887 | €118,403 | -€24,484 | -17.1% |
| Suppliers | 440/4 | €142,887 | €118,403 | -€24,484 | -17.1% |
| Advances received on contracts in progress | 46 | €180,006 | €197,076 | +€17,070 | +9.5% |
| Taxes, remuneration and social security | 45 | €20,014 | €30,926 | +€10,912 | +54.5% |
| Taxes | 450/3 | €18,344 | €22,392 | +€4,048 | +22.1% |
| Remuneration and social security | 454/9 | €1,670 | €8,534 | +€6,864 | +411% |
| Other amounts payable | 47/48 | €147,166 | €11,996 | -€135,170 | -91.8% |
| Accrued charges and deferred income | 492/3 | €24,445 | €7,139 | -€17,306 | -70.8% |
| Remuneration, social security and pensions | 62 | €9,826 | €81,349 | +€71,523 | +728% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,614 | €27,916 | +€9,303 | +50.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€97,090 | -€540 | +€96,550 | +99.4% |
| Other operating charges | 640/8 | €14,020 | €23,867 | +€9,847 | +70.2% |
| Non-recurring operating charges | 66A | - | €223,409 | +€223,409 | |
| Gross operating margin | 9900 | €165,553 | €393,095 | +€227,542 | +137% |
| Operating profit (loss) | 9901 | €220,183 | €37,094 | -€183,089 | -83.2% |
| Financial income | 75/76B | €3,076 | €4,472 | +€1,396 | +45.4% |
| Recurring financial income | 75 | €3,076 | €4,472 | +€1,396 | +45.4% |
| Financial charges | 65/66B | €30,409 | €36,031 | +€5,623 | +18.5% |
| Recurring financial charges | 65 | €30,409 | €36,031 | +€5,623 | +18.5% |
| Profit (loss) for the period before taxes | 9903 | €192,851 | €5,534 | -€187,316 | -97.1% |
| Income taxes | 67/77 | €69,266 | €19,048 | -€50,218 | -72.5% |
| Profit (loss) for the period | 9904 | €123,585 | -€13,514 | -€137,098 | |
| Profit (loss) for the period to be appropriated | 9905 | €123,585 | -€13,514 | -€137,098 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.